Jump in assets under management, higher sales volumes and new funding sources provide impetus for accelerated business development
Miami, Florida – Dec. 20, 2013 – Capturing the advantage of strong performance in 2013 leading to impressive year-end results, ExpoCredit LLC, a Florida-based financial services firm, is preparing for continued growth and to expand its corporate footprint in 2014 and beyond.
According to Carlos Escobar, president of ExpoCredit, net funds employed at the close of 2013 reflect a 30 percent increase above the previous year. “Over the past twelve months, we have experienced a substantial upswing in the number of new customers coming to ExpoCredit for receivables discounting. This, coupled with an increase in requests from existing customers, has resulted in positive momentum for the company,” says Escobar. “For 2013, factoring volumes were up by 20 percent, sales for Storati rose over 30 percent and servicing fees jumped 33 percent compared to last year. We are riding into 2014 on a wave of growth.”
The invoice factoring industry grew by an estimated eight percent worldwide in 2012, driven in part by an uncertain global economy, and by the fact that more business owners are recognizing the advantages of factoring as an effective solution for small and medium enterprise. “ExpoCredit provides working capital to companies based on their inventory or receivables rather than their past credit history,” says Escobar. “With banks pulling back on lending, the services offered by factoring companies such as ExpoCredit and Storati provide critical cash flow for businesses without the hassle associated with applying for a traditional loan.
ExpoCredit sees factoring as a logical alternative for cash-strapped businesses, and recently closed an agreement with Bank United to provide a line of credit for customer servicing. With this and other strategic programs in place, ExpoCredit and its sister company Storati expect to see the upward trend that was established in 2013 continue and even accelerate in the months ahead.
Adding to the forward push in the area of factoring servicing, ExpoCredit’s successful venture with Sabadell Bank, a partnership that provides capital financing to customers through a strategic alliance, Sabadell Factoring, was extended through 2015. Through its servicing relationships with Sabadell and other banks, ExpoCredit was able to obtain and service a $120 million facility to an electronics distributor in the Miami area. “By solidifying alliances and building on existing financial resources, the company is strategically preparing for the upsurge in business that began in 2013,” adds Mr. Escobar. “We are busy ramping up and reorganizing the company to meet the heightened levels of customer needs anticipated for the coming years.”
In 2013, ExpoCredit increased its available funding significantly, both through bank lines and private lenders. At the same time, the company is now in the process of implementing more sophisticated sales systems across the organization. They are also adding state-of-the-art operations software for Storati, ExpoCredit’s inventory purchasing arm.
With banks worldwide continuing to tighten their requirements for business lending, Escobar sees ExpoCredit and Storati playing an even more vital role in helping small to mid-sized businesses maintain operational cash flow. “We provide immediate liquidity for companies, both nationally and internationally, helping them advance their business goals,” he says. “We do this through a comprehensive portfolio of product solutions covering factoring, purchase order financing, inventory financing and more, and by being flexible in our contracts to meet specific customer needs.”
Escobar points out that in today’s global economy, an underlying strength of ExpoCredit, in addition to the solid funding availability, is the bilingual capability of all sales, collections, and operations personnel. “We are working with clients and debtors in the U.S., Latin America, Asia, Europe, and Africa,” says Escobar. “And Storati is working with vendors in the U.S and the Middle East.” ExpoCredit’s blueprint for the future includes extending the company’s presence, both in the U.S. and abroad. “We will continue repositioning ourselves in 2014,” says Escobar, “in anticipation of another stellar year.”
ExpoCredit, LLC is a financial services organization that specializes in helping businesses meet their immediate working capital needs. For over a decade, ExpoCredit has successfully assisted national and international companies obtain the funding required to compete in today’s complex business world. We focus on helping companies grow and fulfill their financial goals. Our mission is to be a source of ready capital for companies with restricted cash flow while providing the highest level of professional factoring services.
Specialties: Factoring, Domestic Factoring, International Factoring, Purchase Order Fi